同仁堂三年获利能力分析.doc

2008、、2009、、2010 年度获利能力分析年度获利能力分析同仁堂（同仁堂（600085））获利能力是指企业赚取利润的能力获利能力主要由利润率指标体现企业获利能力 强，能够赚取的利润也越丰厚因此，获利能力是任何企业、在任何情况下、任何利益关 系人都非常关心的 获利能力可以有两种方法评价：一种是利润和销售收入的比例关系另一种是利润和 资产的比例关系 以下为分析所需指标： 盈利能力分析 1、毛利率 2、营业利润率 3、总资产收益率 4、长期资本收益率 5、资本保值增值率 6、盈余现金保障倍数 7、成本费用利润率 投资报酬分析 1、净资产收益率 2、每股收益 一、盈利能力分析一、盈利能力分析 1 1、、 毛利率毛利率= =（（营业收入营业收入- -营业成本营业成本））÷÷营业收入营业收入×100%×100% 20082008 年毛年毛利率利率= =（（营业收入营业收入- -营业成本营业成本））÷÷营业收入营业收入×100%×100% = =（（2,939,049,511.33-1,721,837,973.252,939,049,511.33-1,721,837,973.25））/ / 2,939,049,511.33*100%=41.4151%2,939,049,511.33*100%=41.4151% 20092009 年毛利率年毛利率= =（（营业收入营业收入- -营业成本营业成本））÷÷营业收入营业收入×100%×100% = =（（3,288,428,404.29-1,831,951,066.143,288,428,404.29-1,831,951,066.14））/ / 3,288,428,404.29*100%=44.2910%3,288,428,404.29*100%=44.2910% 20102010 年毛利率年毛利率= =（（营业收入营业收入- -营业成本营业成本））÷÷营业收入营业收入×100%×100% = =（（3,824,446,141.96-2,087,664,367.273,824,446,141.96-2,087,664,367.27））/ / 3,824,446,141.96*100%=45.4126%3,824,446,141.96*100%=45.4126% 2 2、、 营业利润率营业利润率= =营业利润营业利润÷÷营业收入营业收入×100%×100% 20082008 年营业利润率年营业利润率= =营业利润营业利润÷÷营业收入营业收入×100%×100% =408,091,960.97/=408,091,960.97/ 2,939,049,511.33*100%=13.88522,939,049,511.33*100%=13.8852% % 20092009 年营业利润率年营业利润率= =营业利润营业利润÷÷营业收入营业收入×100%×100% =458,780,062.34/=458,780,062.34/ 3,288,428,404.29*100%=13.95133,288,428,404.29*100%=13.9513% % 20102010 年营业利润率年营业利润率= =营业利润营业利润÷÷营业收入营业收入×100%×100% =552,765,052.80/=552,765,052.80/ 3,824,446,141.96*100%=14.45353,824,446,141.96*100%=14.4535% % 3 3、、 总资产收益率总资产收益率= =息税前利润息税前利润总额总额÷÷平均资产总额平均资产总额×100%×100% 20082008 年总资产收益率年总资产收益率= =息税息税利润利润总额总额÷÷平均资产总额平均资产总额 ×100%=×100%=（（415,931,939.66+11,038,450.36415,931,939.66+11,038,450.36））/﹛/﹛（（4,219,591,913.46+4,550,072,456.134,219,591,913.46+4,550,072,456.13））/2﹜×100%=9.7374/2﹜×100%=9.7374% % 20092009 年总资产收益率年总资产收益率= =息税息税利润利润总额总额÷÷平均资产总额平均资产总额×100%×100% = =（（465,847,221.33+8,843,523.26465,847,221.33+8,843,523.26））/﹛/﹛（（4,550,072,456.13+4,954,404,709.464,550,072,456.13+4,954,404,709.46））/2﹜/2﹜×100%=9.9888×100%=9.9888% % 20102010 年总资产收益率年总资产收益率= =息税息税利润利润总额总额÷÷平均资产总额平均资产总额×100%×100% = =（（561,741,570.00+7,742,314.29561,741,570.00+7,742,314.29））/﹛/﹛（（4,954,404,709.46+5,489,318,191.204,954,404,709.46+5,489,318,191.20））/2﹜/2﹜×100%×100%=10.9058%=10.9058% 4 4、、 长期资本收益率长期资本收益率= =利润利润总额总额÷÷长期资本额（长期负债长期资本额（长期负债+ +所有者权益）所有者权益）×100%×100% 20082008 年长期资本收益率年长期资本收益率= =利润利润总额总额÷÷长期资本额（长期负债长期资本额（长期负债+ +所有者权益）所有者权益）×100%×100%=415,931,939.66/(29,967,594.63+3,677,987,123.29)*100%=11.2173%=415,931,939.66/(29,967,594.63+3,677,987,123.29)*100%=11.2173% 20092009 年长期资本收益率年长期资本收益率= =利润利润总额总额÷÷长期资本额（长期负债长期资本额（长期负债+ +所有者权益）所有者权益）×100%×100%=465,847,221.33/(34,641,505.99+3,937,848,831.97)*100%=11.7268%=465,847,221.33/(34,641,505.99+3,937,848,831.97)*100%=11.7268% 20102010 年长期资本收益率年长期资本收益率= =利润利润总额总额÷÷长期资本额（长期负债长期资本额（长期负债+ +所有者权益）所有者权益）×100%×100%=561,741,570.00/(53,728,154.48+4,221,281,176.65)*100%=13.1401%=561,741,570.00/(53,728,154.48+4,221,281,176.65)*100%=13.1401% 5 5、、 资本保值增值率资本保值增值率= = (年年末末所所有有者者权权益益 ÷÷年年初初所所有有者者权权益益 ) ××100%100% 20082008 年资本保值增值率年资本保值增值率= = （（年年末末所所有有者者权权益益 ÷÷年年初初所所有有者者权权益益 ））××100%100% =3,677,987,123.29/3,392,137,608.35*100%=108.4268%=3,677,987,123.29/3,392,137,608.35*100%=108.4268% 20092009 年资本保值增值率年资本保值增值率= = （（年年末末所所有有者者权权益益 ÷÷年年初初所所有有者者权权益益 ）） ××100%100% =3,937,848,831.97/3,677,987,123.29*100%=107.0653%=3,937,848,831.97/3,677,987,123.29*100%=107.0653% 20102010 年资本保值增值率年资本保值增值率= = （（年年末末所所有有者者权权益益 ÷÷年年初初所所有有者者权权益益 ）） ××100%100% =4,221,281,176.65/3,937,848,831.97*100%=107.1976%=4,221,281,176.65/3,937,848,831.97*100%=107.1976% 6 6、、 盈余现金保障倍数盈余现金保障倍数= =经营现金净流量／净利润经营现金净流量／净利润 20082008 年盈余现金保障倍数年盈余现金保障倍数= =经营现金净流量／净利润经营现金净流量／净利润 = = 422,789,931.64/422,789,931.64/ 350,637,339.59=1.2058350,637,339.59=1.2058 20092009 年年盈盈余余现现金金保保障障倍倍数数 =经经营营现现金金净净流流量量／／净净利利润润 = 633,608,341.82/633,608,341.82/ 392,897,514.33=1.6127392,897,514.33=1.6127 20102010 年年盈盈余余现现金金保保障障倍倍数数 =经经营营现现金金净净流流量量／／净净利利润润 = 492,043,803.52/492,043,803.52/ 471,093,116.21=1.0445471,093,116.21=1.0445 7 7、、 成本费用利润率成本费用利润率= = 利润总额利润总额÷÷成本费用总额成本费用总额×100%×100% 20082008 年成本费用利润率年成本费用利润率= = 利润总额利润总额÷÷成本费用总额成本费用总额×100%×100% =415,931,939.66/=415,931,939.66/（（1,721,837,973.25+34,154,774.40+507,281,852.14+242,857,097.99+4,784,178.981,721,837,973.25+34,154,774.40+507,281,852.14+242,857,097.99+4,784,178.98））=16.5649%=16.5649%20092009 年成本费用利润率年成本费用利润率= = 利润总额利润总额÷÷成本费用总额成本费用总额×100%×100% =465,847,221.33/(1,831,951,066.14+41,0。